The Binder Log is your best tool for controlling and tracking binders issued by your agency.
Since all Binders have a limited live span it is critical for you to be certain the binder is either replaced by a policy or properly cancelled.
BINDER #
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| Instruction ACORD 76 Binder Log |
Most folks just start with the number one and work their way forward.
Whatever your format it must be the same as the Binder # on the actual binder.
INSURED
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| ACORD 76 Binder Log Instructions |
Enter the insured's name as shown on the binder.
TYPE
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| Click on ACORD 76 Binder Log for larger image |
Enter the coverage type or types. for instance Commercial General Liability, Business Auto, Workers Comp. If you have multiple coverages you will use abbreviations such as CGL, BA, WC.
INITIALED
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| How to Complete ACORD 76 Binder Log |
Admit it. You did it. This is where your enter the person's initials who issued the binder and who is responsible for the disposition of the binder.
COMPANY
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| Instructions ACORD 76 Binder Log |
This is the name of the issuing company. Not the company group but the masthead company.
Example not The Travelers but Oak River Insurance Co.
EFFECTIVE AND EXPIRATION DATES
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| ACORD 76 Binder |
Enter the beginning date and ending date for teh Binder. The expiration Date for the Binder will not be the same as the expiration date of the policy which may replace the binder. Just be certain you put the same dates as you have on the actual binder.
SUSPENSE DATE
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| ACORD 76 Binder Log Suspense Date |
If you plan on putting this item in a suspense file, enter the date here for the date you want the file to come back to you.
DISPOSITION
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| ACORD 76 Binder Log Disposition |
No, this is not when the lawyers from Law and Order or Perry Mason get to question the binder about who done it.
This should be your notes on the final action for the binder. Either a policy replaced it - list the policy number - or it was cancelled - list the cancellation date.
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